Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

They also tend to have very high minimums, if they are even taking new investors.  

In our area Oxford tends to work with a few agents and investors.

Interest RatesCurrent Seller Financing Rates: Seller financing rates tend to be higher than conventional mortgage rates due to the increased risk for the seller.

That's the easiest, least expensive way to get started and investing in that way in your local market will have a much greater impact on your financial future than buying a cheap house in the midwest- those "cheap" houses tend to be very expensive. 

FHA has the self sufficiency test which also makes 4 units more valuable because you have a better chance of pass the SS test with 4 units versus 3 units. 2 units doesn't require the SS test so buyers also tend to like that inventory for FHA so they can avoid the SS test. 

You’re right, sometimes I do tend to overthink it.

Here’s why:Cash Flow: A 4-plex offers four rental incomes versus two in a duplex, which can significantly boost your cash flow and help cover vacancies or unexpected expenses.Financing: For a 4-plex, you can still take advantage of residential financing (which tends to have lower rates) compared to commercial loans.

They tend to run anywhere from $100-150K per condo.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.